Noble Failure as a
Primary Vehicle for Success
Noble failure provides a great
opportunity and should be viewed as a very lifeblood of success.
efforts, it is only by trying lots of
initiatives that you can improve your chances that one of
them will be a
Intelligent failure provides a great
learning opportunity and
leads to success. It is through seeming failures and
turning failures to opportunities that most of greatest
successes are achieved. It is by trying lots of disruptive
initiatives that you can improve your chances that one of them will
be a star.
NOBLE Failure and a STUPID Failure
Charles Schwab pioneered seamless stock trading on
Internet in 1996 and
grew from a
small firm to the World's leader.
David Pottruck, a legendary
leader of Charles
Schwab, says: "The idea that failure is okay is ridiculous. I am not going
to go around the company and reward someone for failing. But here at Schwab
we differentiate between noble failure and stupid failure."
Charles Schwab has a set of
criteria for defining noble failure.
Noble failure occurs when:
you have a good
plan and know
what you're doing, you've thought everything through carefully, and have
implemented with sufficient management discipline, that if you look back
in review, you'd conclude it was thoughtfully done
you have a reasonable
contingency plan to deal with any initial failure and the contingency
plan must have been implemented
you need to debrief yourself and
ask what you can
learn from the experience that will lead your company
smarter next time.
Charles Schwab journals their
failures and lessons they've learned. They maintain also a display of failed
innovations and created a videotape for employee orientation. When
celebration of noble failure becomes
institutionalized, people within
the organization are more willing to
failures as a stepping stone to success,
reassess earlier decisions and take corrective measures or even
turn failures to
I have not failed
700 times. When I have eliminated
the ways that will not work, I will
find the way that will work.
You will make some mistakes but, if you
learn from those mistakes, those mistakes will become wisdom and wisdom
is essential to
learn to walk by following rules.
You learn by doing, and by falling over.